The Bank of Thailand (BoT) is set to implement measures to curb hot money following the baht's rapid gain.
"The measure is expected to be taken soon. The central bank already has measures to take care of the foreign exchange rate," said Monetary Policy Committee secretary Titanun Mallikamas.
The central bank has closely monitored offshore fund inflows, especially those flowing into short-term bonds, he said, adding that the inflows could be for both speculation and investment purposes as Thai bonds are considered to be safe haven assets.
The rate-setters expressed concern that the baht's rise might not be consistent with economic and fundamentals and would continue closely monitor developments of exchange rates and capital flows, he said.
The baht is the top performing currency in Asia with a roughly 5.5% gain against the greenback this year. The rapid appreciation has prompted worries that it is eroding the country's competitiveness and deepening the export slump.